WASHINGTON – Finance Minister Lawrence Wong attended the second Group of 20 (G-20) Finance Ministers’ and Central Bank Governors’ Meeting and met worldwide leaders in Washington on Wednesday (April 20).
The finance ministers mentioned and agreed on the necessity to coordinate each fiscal and financial insurance policies with the intention to protect international financial stability throughout this era, Mr Wong stated in a Facebook put up.
They additionally mentioned longer-term points equivalent to strengthening the worldwide public well being system and tackling local weather change.
“We had good discussions amongst ourselves on how we can advance these important agendas,” he added.
Mr Wong, who might be within the United States till April 25, stated: “We are meeting underneath extraordinary circumstances. In some ways, we’re heading into an ideal storm of a number of crises.
“We cannot afford to take a country-by-country approach. We need much stronger, multilateral cooperation to recover together, and to recover stronger.”
He added: “The road ahead remains long and uncertain. However, I believe that with Indonesia’s leadership of the G-20, we will strengthen multilateralism and #recovertogetherrecoverstronger.”
Mr Wong additionally met his Indonesian counterpart Sri Mulyani Indrawati, who chaired the meeting, and congratulated Indonesia on its profitable conclusion.
“Singapore is honoured to have been invited. It was a good opportunity to meet so many familiar faces (and some new ones) after so long,” he wrote on Facebook.
On Wednesday, Mr Wong additionally met a number of of his counterparts from the Asia-Pacific, in addition to past.
They included Malaysian Finance Minister Tengku Zafrul Aziz, Indian Finance Minister Nirmala Sitharaman, Japanese Finance Minister Shunichi Suzuki, and Philippine Finance Secretary Carlos Dominguez.
Mr Wong met Luxembourg’s Finance Minister Yuriko Backes for the primary time, and stated they mentioned areas of mutual cooperation.
He additionally met Turkey’s new Finance Minister Nureddin Nebati, and Brazil’s Minister of the Economy Paulo Guedes.
“Brazil has a highly developed digital finance market and an energy mix that is 85 per cent renewable. Much more that Brazil and Singapore can do together,” Mr Wong wrote.
In addition, Mr Wong met leaders of inter-governmental organisations, together with Organisation for Economic Cooperation and Development secretary-general Mathias Cormann, who he described as an previous buddy, and World Bank Group managing director and chief monetary officer Anshula Kant.
He stated he mentioned with Ms Kant progressive ways in which the World Bank can work collectively with Singapore, equivalent to within the areas of catastrophe danger insurance coverage and inexperienced bonds.
“Anshula has a long and personal history with Singapore,” he added.
Ms Kant was a former chief govt of the State Bank of India in Singapore, and went on to be a managing director of the financial institution earlier than taking over her World Bank position.
On Thursday (April 21), Mr Wong will attend the Financial Action Task Force (FATF) Ministerial Meeting.
Ministers will talk about the position of the worldwide watchdog in taking motion towards cash laundering, in addition to terrorist and proliferation financing, that are crimes that affect society and threaten international safety, FATF stated in a press release on its web site.